Debevoise & Plimpton LLP has advised Ambac Financial Group, Inc. in the issuance and sale by its newly formed special purpose entity, Sitka Holdings, LLC, of its $1.175 billion aggregate principal amount of LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026. The proceeds were used to partially fund, together with available liquidity, the redemption in full of the outstanding LIBOR plus 5.00% Insured Secured Notes due 2023 of Ambac LSNI, LLC, a subsidiary of Ambac. For more information, please see the company’s press release.

Ambac Financial Group is a financial services holding company headquartered in New York City.

The team was led by capital markets partner Steven Slutzky and included partner Eric Juergens and associates Devon Klein, Jongmin Char, Carly Hill and David Wayne, finance partner Alan Davies and associates Robert Gucwa and Anna Jones, and tax partner Rafael Kariyev, counsel Samuel Duncan and associate Erasmo Perez.